The International Monetary Fund (IMF) sharply cut its forecasts for global economic growth to 3.3% on Tuesday, warning about multiple challenges as financial stability in danger, growth prospects have dimmed, and downside risks have escalated. The IMF downgraded its projection for global economic growth this year and marked down its estimate for next year to 3.9 percent. The IMF said the global recovery is threatened by intensifying strains in the euro area and fragilities elsewhere. IMF Managing Director Christine Lagarde urged Europe to boost growth and build a larger firewall to insulate the world economy from a possible 1930s-style crisis. She laid out the core elements of a policy path forward and called for collective efforts to avoid bad scenario.